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Bank Indonesia projects 4.8 percent contraction in Q2, U-shaped economic recovery

first_imgThe central bank cut its benchmark interest rate for the fourth time this year to 4 percent last week to bolster the economy and reasserted its commitment to a bond-buying program worth US$40 billion to rescue the economy and reduce the government’s debt burden.Meanwhile, the government has allocated Rp 695.2 trillion ($47.35 billion) in stimulus to bolster the economy, and expects the budget deficit to reach 6.34 percent this year. It also expects the economy to shrink 0.4 percent this year under a worst-case scenario or grow 1 percent in a best-case scenario, with the economy tipped to contract 3.8 percent in the second quarter.University of Indonesia economist Chatib Basri said the government would need to bolster cash transfers to lower-middle income citizens to revive consumer demand and spending, and called on the government to step up its fiscal response to jump start the economy.“The government needs to bolster consumer demand by providing cash transfers, which in turn will boost the supply side of the economy,” said Chatib.Private spending contributes more than half of Indonesia’s gross domestic product (GDP), followed by investment and exports.Institute for Development of Economics and Finance (Indef) economist Aviliani also pushed the government on Friday to move more quickly in disbursing stimulus funds and boosting social aid expenditure to stimulate demand.“With the Indonesian economy mainly driven by private consumption and domestic demand, we expect the COVID-19 shock on domestic employment and income levels to cause a significant drag on the economy over 2020,” researchers at Fitch Solutions wrote in a note, expecting the economy to shrink 1.3 percent this year given the continued surge in virus cases.Fitch expects a low inflation environment and stable rupiah outlook to provide room for the central bank to focus on supporting the economy, and expects the central bank to cut its benchmark policy rate to 3.75 percent by the end of the year.Topics : Bank Indonesia (BI) has forecast a U-shaped recovery for the country’s economy as the coronavirus pandemic took a greater toll than previously expected, threatening to cause a deep contraction in the second quarter.Indonesia‘s economy could shrink between 4 and 4.8 percent in this year’s second quarter, BI senior deputy governor Destry Damayanti said on Monday, adding that the recovery would be slower than expected as COVID-19 cases continue to rise around the country.During the early period of the outbreak in Indonesia, the central bank and the government said they expected the economy to see a V-shaped recovery. The central bank predicts “a U-shaped recovery because the number of coronavirus cases continues to increase and has not reached its peak,” Destry said during an online discussion, adding that the reopening of the economy would make it harder to keep the number of cases contained.Indonesia’s recorded number of COVID-19 cases surpassed China’s official tally on Saturday before the country logged its highest daily death toll on Sunday.Destry said fears of a prolonged global economic downturn had also put pressure on emerging market assets, hitting the rupiah exchange rate as investors steered away from high-risk assets in favor of safe-haven assets.The rupiah depreciated 0.78 percent to Rp 14,817 against the US dollar as of 12:00 p.m. Jakarta time on Monday, losing around 2.5 percent of its value since the beginning of last week.last_img read more

Luke Walton still deliberating who Lakers should start at power forward

first_imgNance finished with four points and seven rebounds in 21 minutes. If he was looking for a game to seal his job as the opening night starter, that probably wasn’t it. Meanwhile, Randle scored 15 points in 13 productive minutes. A third-year forward who is among the Lakers’ more explosive athletes, Nance has been quiet throughout the preseason. However, Walton appreciates the way he can move the ball within the offense, make plays defensively and balance out Lopez, who scored a team-high 16 points Friday.Nance called Lopez, acquired over the summer from Brooklyn, “a superstar center,” and said he has enjoyed learning to play alongside the 7-footer.“He is a super cerebral player, like I like to think of myself,” Nance said, “and defensively he talks great and I can learn from that.”From an offensive standpoint, there is logic to bringing Randle, an offensive creator off the bench, while Nance, a more reactive player, might benefit from playing with Lonzo Ball.“I just want to be on the court,” Nance said. “I just want to make a difference in the game. Whatever facet that may be, it is up to Luke.”Nance did not bristle when presented with Walton’s criticisms of his emotions. He recalled the moment his coach came to him on the bench, after he capped his frustrating run by missing two free throws.“He is saying instead of channeling that negatively by saying ‘Damn, I made some mistakes’ and putting my head down, instead, go make up for it. Get a steal, go chase down some blocked shots, go dunk on somebody.”Kuzma came out of nowhere to score 104 preseason points, the most in the NBA. After leading the Lakers in scoring in four of their first five games, Kuzma finished with eight points against the Clippers, shooting 1 for 8 from the field and missing all six of his 3-point attempts.The rookie drafted late in the first round out of Utah is probably the odd man out in the three-way race. With Lonzo Ball and Brandon Ingram on the court, the starting unit is already young and short on experience.“Whoever ends up being that position for us, with the young team that we have, we expect there to be some leadership out of that spot,” Walton said. AD Quality Auto 360p 720p 1080p Top articles1/5READ MOREUCLA alum Kenny Clark signs four-year contract extension with Packers“He needs to get better at using his emotions, controlling his emotions to give us energy,” Walton said. “I think tonight he let the emotions get the better of him so it wasn’t a great example of what we think we’ll see with that group.” Newsroom GuidelinesNews TipsContact UsReport an Errorcenter_img Still, on Friday, Walton gave Kuzma a 10 percent chance of starting.“There’s going to be some tough decisions to be made coming up here pretty soon,” Walton said. “But decisions that are tough but good decisions.”BALL SITS AGAINIn hindsight, it was always a long shot that Ball would play Friday.“Only if he was pain-free,” Walton said. “It was, ‘Go get your treatment, do what you can do, let us know if you feel 100 percent and we’ll play you six minutes,’ type of thing.”Ball practiced Thursday and was on the court for Friday’s shootaround, but told Walton he was still “a little sore.”He would have played were it the regular season, Walton said, when the standard for when a player sits changes.“If he’s limping around and he’s favoring it, then no, he’s out,” Walton said. “If it’s just painful but he’s able to move normal and everything else, in the regular season we expect him to play.” PreviousLos Angeles Lakers forward Kyle Kuzma, left, shoots as Los Angeles Clippers guard C.J. Williams defends during the second half of a preseason NBA basketball game in Los Angeles, Friday, Oct. 13, 2017. (AP Photo/Kelvin Kuo)The Clippers’ Willie Reed #35 looks to shoot and is fouled by the Lakers’ Jordan Clarkson #6 during their pre-season NBA game at the Staples Center in Los Angeles, Friday, October 13, 2017. (Photo by Hans Gutknecht, Los Angeles Daily News/SCNG)The Clippers’ Willie Reed #35 looks to shoot and is fouled by the Lakers’ Jordan Clarkson #6 during their pre-season NBA game at the Staples Center in Los Angeles, Friday, October 13, 2017. (Photo by Hans Gutknecht, Los Angeles Daily News/SCNG) SoundThe gallery will resume insecondsLakers’ coach Luke Walton during their pre-season NBA game against the Clippers at the Staples Center in Los Angeles, Friday, October 13, 2017. (Photo by Hans Gutknecht, Los Angeles Daily News/SCNG)Lakers coach Luke Walton with Alex Caruso #4 and Jordan Clarkson #6 during their pre-season NBA game against the Clippers at the Staples Center in Los Angeles, Friday, October 13, 2017. (Photo by Hans Gutknecht, Los Angeles Daily News/SCNG)Clippers coach Doc Rivers during their pre-season NBA game against the Lakers at the Staples Center in Los Angeles, Friday, October 13, 2017. (Photo by Hans Gutknecht, Los Angeles Daily News/SCNG)The Lakers’ Brook Lopez #11 during their pre-season NBA game against the Clippers at the Staples Center in Los Angeles, Friday, October 13, 2017. (Photo by Hans Gutknecht, Los Angeles Daily News/SCNG)Lakers’ coach Luke Walton during their pre-season NBA game against the Clippers at the Staples Center in Los Angeles, Friday, October 13, 2017. (Photo by Hans Gutknecht, Los Angeles Daily News/SCNG)LA Clippers guard C.J. Williams, center, goes up for the shot as Los Angeles Laker forward Julius Randle, back, defends ahead of guard Josh Hart during the first half of a preseason NBA basketball game in Los Angeles, Friday, Oct. 13, 2017. (AP Photo/Kelvin Kuo)Los Angeles Lakers forward Kyle Kuzma, left, goes up for a dunk past Los Angeles Clippers forward Montrezl Harrell during the first half of a preseason NBA basketball game in Los Angeles, Friday, Oct. 13, 2017. (AP Photo/Kelvin Kuo)Los Angeles Clippers guard Tyrone Wallace, right, loses the handle on the ball as Los Angeles Lakers guard Jordan Clarkson defends as forward Julius Randle (30) waches during the first half of a preseason NBA basketball game in Los Angeles, Friday, Oct. 13, 2017. (AP Photo/Kelvin Kuo)Los Angeles Clippers guard Jawun Evans shoots ovewr Los Angeles Lakers guard Alex Caruso during the first half of a preseason NBA basketball game in Los Angeles, Friday, Oct. 13, 2017. (AP Photo/Kelvin Kuo)Los Angeles Clippers forward Ike Iroegbu goes up for a shot on a fast break during the first half of a preseason NBA basketball game against the Los Angeles Lakers in Los Angeles, Friday, Oct. 13, 2017. (AP Photo/Kelvin Kuo)Los Angeles Clippers guard C.J. Williams shoots while Los Angeles Lakers forward Brandon Ingram defends during the first half of a preseason NBA basketball game in Los Angeles, Friday, Oct. 13, 2017. (AP Photo/Kelvin Kuo)The Clippers’ Blake Griffin #32 during their pre-season NBA game against the Lakers at the Staples Center in Los Angeles, Friday, October 13, 2017. (Photo by Hans Gutknecht, Los Angeles Daily News/SCNG)Clippers coach Doc Rivers during their pre-season NBA game against the Lakers at the Staples Center in Los Angeles, Friday, October 13, 2017. (Photo by Hans Gutknecht, Los Angeles Daily News/SCNG)The Clippers’ Tyrone Wallace #12 shoots as the Lakers’ Alex Caruso #4 defends during their pre-season NBA game at the Staples Center in Los Angeles, Friday, October 13, 2017. (Photo by Hans Gutknecht, Los Angeles Daily News/SCNG)The Clippers’ Ike Iroegbu #19 lays the ball up as Lakers’ Julius Randle #30 and Josh Hart #5 defend during their pre-season NBA game at the Staples Center in Los Angeles, Friday, October 13, 2017. (Photo by Hans Gutknecht, Los Angeles Daily News/SCNG)The Clippers’ Montrezl Harrell #5 shoots as the Lakers’ Brook Lopez #11 defends during their pre-season NBA game at the Staples Center in Los Angeles, Friday, October 13, 2017. (Photo by Hans Gutknecht, Los Angeles Daily News/SCNG)The Clippers’ Jawun Evans #1 lays the ball up during their pre-season NBA game against the Lakers at the Staples Center in Los Angeles, Friday, October 13, 2017. (Photo by Hans Gutknecht, Los Angeles Daily News/SCNG)The Lakers’ Thomas Bryant #31 passes the ball around the Clippers’ Jawun Evans #1 during their pre-season NBA game at the Staples Center in Los Angeles, Friday, October 13, 2017. (Photo by Hans Gutknecht, Los Angeles Daily News/SCNG)The Clippers’ Tyrone Wallace #12 drives to the basket as the Lakers’ Brandon Ingram #14 defends during their pre-season NBA game at the Staples Center in Los Angeles, Friday, October 13, 2017. (Photo by Hans Gutknecht, Los Angeles Daily News/SCNG)LA Clippers guard C.J. Williams, center, goes up for the shot as Los Angeles Laker forward Julius Randle, back, defends ahead of guard Josh Hart during the first half of a preseason NBA basketball game in Los Angeles, Friday, Oct. 13, 2017. (AP Photo/Kelvin Kuo)Los Angeles Lakers forward Kyle Kuzma, left, goes up for a dunk past Los Angeles Clippers forward Montrezl Harrell during the first half of a preseason NBA basketball game in Los Angeles, Friday, Oct. 13, 2017. (AP Photo/Kelvin Kuo)Los Angeles Clippers guard Tyrone Wallace, right, loses the handle on the ball as Los Angeles Lakers guard Jordan Clarkson defends as forward Julius Randle (30) waches during the first half of a preseason NBA basketball game in Los Angeles, Friday, Oct. 13, 2017. (AP Photo/Kelvin Kuo)Los Angeles Clippers guard Jawun Evans shoots ovewr Los Angeles Lakers guard Alex Caruso during the first half of a preseason NBA basketball game in Los Angeles, Friday, Oct. 13, 2017. (AP Photo/Kelvin Kuo)Los Angeles Clippers forward Ike Iroegbu goes up for a shot on a fast break during the first half of a preseason NBA basketball game against the Los Angeles Lakers in Los Angeles, Friday, Oct. 13, 2017. (AP Photo/Kelvin Kuo)Los Angeles Clippers guard C.J. Williams shoots while Los Angeles Lakers forward Brandon Ingram defends during the first half of a preseason NBA basketball game in Los Angeles, Friday, Oct. 13, 2017. (AP Photo/Kelvin Kuo)Los Angeles Clippers guard Tyrone Wallace, left, attempts to grab the rebound in front of Los Angeles Lakers guard Kentavious Caldwell-Pope during the second half of a preseason NBA basketball game in Los Angeles, Friday, Oct. 13, 2017. (AP Photo/Kelvin Kuo)Los Angeles Clippers forward Brice Johnson, right, fouls Los Angeles Lakers forward Julius Randle during the second half of a preseason NBA basketball game in Los Angeles, Friday, Oct. 13, 2017. (AP Photo/Kelvin Kuo)Los Angeles Lakers center Brook Lopez shoots during the second half of a preseason NBA basketball game against the Los Angeles Clippers in Los Angeles, Friday, Oct. 13, 2017. (AP Photo/Kelvin Kuo)Los Angeles Lakers center Thomas Bryant, left, and Los Angeles Clippers forward Brice Johnson reach for a rebound during the second half of a preseason NBA basketball game in Los Angeles, Friday, Oct. 13, 2017. (AP Photo/Kelvin Kuo)Los Angeles Clippers coach Doc Rivers yells to his team during the first half of a preseason NBA basketball game against the Los Angeles Lakers in Los Angeles, Friday, Oct. 13, 2017. (AP Photo/Kelvin Kuo)Los Angeles Lakers forward Kyle Kuzma, left, shoots as Los Angeles Clippers guard C.J. Williams defends during the second half of a preseason NBA basketball game in Los Angeles, Friday, Oct. 13, 2017. (AP Photo/Kelvin Kuo)The Clippers’ Willie Reed #35 looks to shoot and is fouled by the Lakers’ Jordan Clarkson #6 during their pre-season NBA game at the Staples Center in Los Angeles, Friday, October 13, 2017. (Photo by Hans Gutknecht, Los Angeles Daily News/SCNG)NextShow Caption1 of 33The Clippers’ Willie Reed #35 looks to shoot and is fouled by the Lakers’ Jordan Clarkson #6 during their pre-season NBA game at the Staples Center in Los Angeles, Friday, October 13, 2017. (Photo by Hans Gutknecht, Los Angeles Daily News/SCNG)ExpandLOS ANGELES — It sure seems like Luke Walton wants Larry Nance Jr. to win the starting power forward position.He paired Nance with Brook Lopez in each of the three exhibition games the center was on the floor, and has insisted that deciding who wins the Lakers’ last position battle is more nuanced than comparing the stats of Nance, Julius Randle and Kyle Kuzma.“It is more than who is playing better than the other two,” Walton said.In a 111-104 win over the Clippers on Friday that marked the end of the Lakers’ preseason slate, however, Nance played himself off the court by committing three turnovers in fewer than 90 seconds. The emotion Walton usually can count on from Nance was being channeled into frustration rather than buoyant energy.last_img read more

Back on familiar ground, West Kootenay Glacier Challenge set to ride

first_img“Only a few more sleeps.”The 222 kilometer ride begins Saturday morning in New Denver at 8:30 a.m.Nelson is the stop after the 105 km Day one ride. Cyclists will be fed at the annual awards banquet at Lakeside Rotary Park.Sunday, the weekend concludes with the 117 km ride to Kaslo and back to New Denver.Multiple sclerosis (MS), also known as disseminated sclerosis or encephalomyelitis disseminata, is an inflammatory disease in which the insulating covers of nerve cells in the brain and spinal cord are damaged.This damage disrupts the ability of parts of the nervous system to communicate, resulting in a wide range of signs and symptoms, including physical, mental and sometimes psychiatric problems.Proceeds from MS Bike fund vital MS research and programs and services that enable those affected by MS.To participate, all you need is a bike and a passion to end MS.For more information on the MS Bike Tour — West Kootenay Glacier Challenge go to http://mssoc.convio.net/site/TR?fr_id=3881&pg=entry or contact Leona Dimock at 1-866-352-3997 or [email protected] Last year paving in the Slocan Valley forced organizers of the West Kootenay Glacier Challenge ride to conquer MS (Multiple sclerosis) to re-work the route.While paving is now raising havoc fro travellers on Highway 3A from Playmor Junction to Taghum, organizers are not at all worried as the show is back to its normal New Denver to Nelson, Nelson to New Denver format.The race goes Saturday and Sunday (August 20-21) beginning in New Denver.”It is great to be back on the original route . . . as long as all the paving is done on our section on time,” said Leona Dimock, West Kootenay Glacier Challenge Bike Tour Coordinator, crossing her fingers SPL can have most of the paving completed by the weekend.”We’re excited for our fifth annual tour,” Dimock adds.”We’re back to our original route and the weather forecast looks like it should be a great weekend. We’ve got everything lined up and are ready to host our riders.last_img read more

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